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Archive | Accounting RSS feed for this section

Why a GP employer might not be able to afford a pay rise

PAY RISE, spelt out with wooden letter tiles.

Over the years, I’ve heard many arguments as to why some GP practices claim not to be able to afford an annual cost-of-living pay rise for their hard-working and supportive staff. You’ve probably heard the ‘excuses’ yourself – at least, let’s call them that for the time being. You may agree with them, but on…

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COVID-19 ‘Finance Clinic’ hosted by AISMA

February 25, 2021, by in Accounting, COVID-19, Finance 0 Comments

We’ve asked members of the Association of Independent Specialist Medical Accountants (AISMA) for tips and advice on the finance issues relating to funding for the COVID-19 vaccination programme. In this 20-minute vlog they tackle some of the burning questions you’ve been asking on this forum thread: Finance clinic on everything COVID – Ask your questions…

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New tax guidance for PCNs

Close up of female accountant or banker making calculations. Savings, finances and economy concept. Letter box format

As the deadline for the submission of tax returns for 2019/2020 looms on 31st January 2021, many practices are unaware of their income and expenditure as part of a PCN. To assist in ensuring member practices are declaring correctly,  The Association of Independent Specialist Medical Accountants (AISMA) and the healthcare group of the Institute of…

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The Practice Index Podcast: Episode two – Are practices less profitable than they were 10 years ago?

September 24, 2020, by in Accounting, AISMA, Finance 0 Comments

Woman working with documents, Tablet pc and notebook. Profit Concept.

There was a headline in the GP press recently that stated that, in real terms, GP partners’ income in 2018/19 was 10% below the figure recorded a decade earlier in 2008/9 (according to “official” data for England). But as is always the case with statistics, averages never tell the whole story. I know of practices,…

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A brief guide to final pay controls and how to avoid them

August 19, 2020, by in Accounting, AISMA, Pay 1 Comment

Close up hand man doing finance and calculate on desk about cost at home office.

Final pay controls were introduced in 2014 to stop the abuse of the NHS Pension Scheme. Practices can face huge charges if they fall foul of the rules. Specialist medical accountant James Gransby explains. Many practice managers are unaware of final pay controls and the impact the resulting charges could have on their practice’s profitability.…

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24-hour retirement for GP partners

August 13, 2020, by in Accounting, AISMA 1 Comment

Hand putting Coins in glass jar with retro alarm clock  for time to money saving for retirement concept

24-hour retirement allows doctors to draw their NHS pension and then return to work. Specialist medical accountant James Gransby explains what this means for GP partners. How it works For those in the 1995 section of the NHS pension scheme, legislation requires a GP to break their contract for a period of 24 hours (a…

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To ePACT2 or not to ePACT2, that is the question

Doctor using computer tablet for search bar on display in pharmacy drugstore shelves background.Online medical concept.

And the answer is a resounding YES! ePACT2! If you’re wondering what on earth we’re talking about, you’re definitely not the only one. Practice managers have signed up to our toolkit in droves. But there are still a significant number of PMs who are scratching their heads, wondering why we keep asking if they have…

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